os 1.6 identiling sccounting principles and assumptions C2 Identify the accounting principle or assumption that best explains each situation. 1. In December of this year. Chavez Landscuping received a customer's order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year. 2. If $1,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at $51,000. 3. Mike Derr owns both Saiting Pussions and Dockside Digs. In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Suiling Passions are kept separate from Dockside Digs's transactions and financial statements